| Matthews Korea Active ETF | March 31, 2024 |
| COMMON EQUITIES: 80.2% | ||
| Shares | Value | |
| Information Technology: 24.8% | ||
| Semiconductors & Semiconductor Equipment: 12.7% | ||
| SK Hynix, Inc. | 38,406 | $5,083,713 |
| LEENO Industrial, Inc. | 5,888 | 1,128,397 |
| KoMiCo., Ltd. | 16,597 | 912,296 |
| Eugene Technology Co., Ltd. | 20,193 | 638,976 |
| HPSP Co., Ltd. | 14,322 | 569,156 |
| 8,332,538 | ||
| Electronic Equipment, Instruments & Components: 7.1% | ||
| Samsung SDI Co., Ltd. | 7,610 | 2,699,183 |
| Park Systems Corp. | 11,361 | 1,281,040 |
| Samsung Electro-Mechanics Co., Ltd. | 6,275 | 698,698 |
| 4,678,921 | ||
| Technology Hardware, Storage & Peripherals: 5.0% | ||
| Samsung Electronics Co., Ltd. | 55,089 | 3,306,363 |
| Total Information Technology | 16,317,822 | |
| Consumer Discretionary: 11.6% | ||
| Automobiles: 6.1% | ||
| Hyundai Motor Co. | 11,363 | 2,000,395 |
| Kia Corp. | 23,886 | 1,987,173 |
| 3,987,568 | ||
| Automobile Components: 3.2% | ||
| Hyundai Mobis Co., Ltd. | 10,876 | 2,112,590 |
| Broadline Retail: 1.4% | ||
| Coupang, Inc.a | 50,761 | 903,038 |
| Hotels, Restaurants & Leisure: 0.9% | ||
| Kangwon Land, Inc. | 49,908 | 608,720 |
| Total Consumer Discretionary | 7,611,916 | |
| Financials: 9.5% | ||
| Banks: 3.8% | ||
| KB Financial Group, Inc. | 48,660 | 2,540,983 |
| Insurance: 3.2% | ||
| Samsung Fire & Marine Insurance Co., Ltd. | 9,226 | 2,117,611 |
| Capital Markets: 2.5% | ||
| Macquarie Korea Infrastructure Fund | 170,215 | 1,620,914 |
| Total Financials | 6,279,508 | |
| Communication Services: 7.7% | ||
| Interactive Media & Services: 4.2% | ||
| NAVER Corp. | 14,046 | 1,952,094 |
| Kakao Corp. | 20,669 | 835,204 |
| 2,787,298 | ||
| Wireless Telecommunication Services: 2.1% | ||
| SK Telecom Co., Ltd. | 35,389 | 1,401,102 |
| Diversified Telecommunication Services: 1.4% | ||
| KINX, Inc. | 12,710 | 898,787 |
| Total Communication Services | 5,087,187 | |
| Shares | Value | |
| Health Care: 6.9% | ||
| Life Sciences Tools & Services: 3.0% | ||
| Samsung Biologics Co., Ltd.a,b,c | 3,183 | $1,969,500 |
| Health Care Equipment & Supplies: 2.0% | ||
| InBody Co., Ltd. | 58,870 | 1,290,002 |
| Pharmaceuticals: 1.9% | ||
| Yuhan Corp. | 22,244 | 1,278,875 |
| Total Health Care | 4,538,377 | |
| Consumer Staples: 6.8% | ||
| Consumer Staples Distribution & Retail: 3.5% | ||
| BGF Retail Co., Ltd. | 26,210 | 2,277,861 |
| Tobacco: 3.3% | ||
| KT&G Corp. | 31,283 | 2,177,320 |
| Total Consumer Staples | 4,455,181 | |
| Industrials: 4.0% | ||
| Construction & Engineering: 1.6% | ||
| Samsung Engineering Co., Ltd.a | 53,996 | 1,010,733 |
| Machinery: 1.5% | ||
| Hyundai Mipo Dockyard Co., Ltd.a | 21,389 | 997,756 |
| Marine Transportation: 0.9% | ||
| Pan Ocean Co., Ltd. | 191,515 | 606,020 |
| Total Industrials | 2,614,509 | |
| Energy: 3.6% | ||
| Oil, Gas & Consumable Fuels: 3.6% | ||
| S-Oil Corp. | 40,697 | 2,354,909 |
| Total Energy | 2,354,909 | |
| Materials: 3.6% | ||
| Chemicals: 2.4% | ||
| LG Chem, Ltd. | 3,017 | 986,058 |
| PI Advanced Materials Co., Ltd.a | 33,955 | 553,621 |
| 1,539,679 | ||
| Metals & Mining: 1.2% | ||
| Korea Zinc Co., Ltd. | 2,358 | 796,071 |
| Total Materials | 2,335,750 | |
| Real Estate: 1.7% | ||
| Industrial REITs: 1.7% | ||
| ESR Kendall Square REIT Co., Ltd. | 348,037 | 1,138,795 |
| Total Real Estate | 1,138,795 | |
| TOTAL COMMON EQUITIES | 52,733,954 | |
| (Cost $47,253,207) | ||
| Matthews Korea Active ETF | March 31, 2024 |
| PREFERRED EQUITIES: 12.5% | ||
| Shares | Value | |
| Information Technology: 12.5% | ||
| Technology Hardware, Storage & Peripherals: 12.5% | ||
| Samsung Electronics Co., Ltd., Pfd. | 164,580 | $8,215,247 |
| Total Information Technology | 8,215,247 | |
| TOTAL PREFERRED EQUITIES | 8,215,247 | |
| (Cost $5,050,961) | ||
| SHORT-TERM INVESTMENTS: 6.2% | ||
| Money Market Funds: 6.2% | ||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 5.20%d | 4,073,912 | 4,073,912 |
| (Cost $4,073,912) | ||
| Total Investments: 98.9% | 65,023,113 | |
| (Cost $56,378,080) | ||
| CASH AND OTHER ASSETS, LESS LIABILITIES: 1.1% | 755,256 | |
| Net Assets: 100.0% | $65,778,369 | |
| a | Non-income producing security. |
| b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2024, the aggregate value is $1,969,500, which is 2.99% of net assets. |
| c | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Rate shown is the current yield as of March 31, 2024. |
| Pfd. | Preferred |
| REIT | Real Estate Investment Trust |